Which of the following is the best definition of a recession?
A) A period of two consecutive quarters of declines in the level of real GDP.
B) A period of significant, widespread decline in real income and employment lasting more than a few months.
C) A decline in the stock market of 10% or more over a period of one year.
D) A period of increasing unemployment rates lasting more than a year.
Correct Answer:
Verified
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A)
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